Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
CTI, Inc. IPO: Roughly $35 mil. from potential $230 mil. initial public offering of common stock will be used to expand manufacturing facilities and grow PETNet distribution network, according to a prospectus filed with the SEC. The PET system and components manufacturer forecasts that the U.S. installed base of dedicated PET scanners will grow at an annual 39% rate over the next five years. Among the reasons is an increasing number of PET applications being covered by CMS and private payers. On Feb. 28, CMS announced it would cover PET as an adjunct to standard imaging modalities for staging patients with distant metastasis or restaging patients with locoregional recurrence or metastasis. CTI reported 2001 sales of $189 mil., up 52% from 2000...
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Financings In Brief
CTI Molecular Imaging, Inc.: Positron emission tomography equipment supplier goes public June 21 via initial offering of 10.7 mil. shares of common stock at $17 each. Ten mil. shares were offered by the company plus 720,000 shares from selling shareholders. Estimated proceeds to the Knoxville, Tennessee firm of about $156 mil. will be used to expand manufacturing facilities, grow the firm's PETNet distribution network, repay debt and cover general corporate expenses. CTI, which reported 2001 sales of $189 mil., up 52%, announced plans for the offering in April (1"The Gray Sheet" April 29, 2002, p. 18). Offering managers include Credit Suisse First Boston, U.S. Bancorp Piper Jaffray, Bear Stearns, Banc of America Securities and Wachovia Securities. The underwriters hold an overallotment option for about 1.6 mil. additional shares...
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